Car Loan
Car Loans are extended for the purchase of a passenger four-wheeler, new car or a pre-owned car.Â
Quick Approval
Wide Utility
Flexibility
Easy range and Payback
Benefits of Car Loan
- Affordability: Car loans allow you to purchase a vehicle without having to pay the full price upfront, making it more affordable for many people.
- Convenience: With a car loan, you can spread the cost of the vehicle over time, making it easier to budget for the purchase.
- Ownership: Unlike leasing, where you return the vehicle at the end of the lease term, a car loan allows you to own the vehicle outright once the loan is paid off.
- Car loans usually have a lower rate of interest.
- It is easier to avail a car loan.
- Since it is a secured loan, an individual with a mediocre credit score is also likely to be eligible for the loan.
- The vehicle itself acts as a security against the loan.
Characteristics of Car Loan
- Car loans are not meant for just new cars. A used car loan can help you buy a pre-owned car.
- Loan upto 100% of On-Road Price
- Attractive Interest Rates
- Flexible EMI Tenure
- Wide Variety of Vehicles: We finance most passenger and multi-utility vehicles available in the market.
- Attractive Interest Rates: Our reasonable and affordable interest rates come with up to 100% ex-showroom funding.
- Multiple Repayment Options: Our car loan financing is based on a flat rate model and you can choose to pay via Cash, Cheque or Online.
- Minimal Documentation: We cater to all types of customers, salaried and self-employed, including farmers and traders, with or without income proof.
- Quick Disbursal: Our simple and quick process can have your car loan sanctioned as soon as your application is approved, subject to document submission.
For used Cars:
- Seize Opportunity:Â Â Own a quality used car without waiting to save up the full amount.
- Budget-Friendly:Â Â We lend you the funds required to purchase the used car, repaid in manageable monthly installments.
- Flexible Options:Â Â Choose from various used car models that suit your preferences.
- Immediate Ownership:Â Â Drive your desired used car without the delay of saving for years.
- Great Value:Â Â Get a reliable used car with excellent value and features.
- Build Credit:Â Â Consistent payments can help enhance your credit history.
Car Loans - Eligibility Criteria
| Car Loan Eligibility Criteria | Constraints |
| Age | 21-65 Years |
| Net monthly income | 25,000/- for both salaried and self-employed |
| Yearly transactions | Minimum of 20 lakhs |
| Credit score | Must be good & Above 650 |
| Employment | Atleast two years experience |
| Citizenship | Indian |
EMI Calculator for Car Loan
Car Loans can also be used as a Cash Loan through products like Refinance, Top-up on an existing Car Loan or to carry out a Balance Transfer. An EMI calculator is a useful tool that can help you estimate the monthly installments you will have to pay towards your used Car Loan within a specific period. By using the our EMI calculator, you can calculate your EMI.
Calculate Your Car Loan EMI
The following formula is used to calculate tha car Loan EMI:
- It enables you to plan your repayment strategy beforehand by supplying you with accurate information.
The formula to calculate EMI for a Car Loan is:
EMI = [P * r * (1 + r)^n] / [(1 + r)^n – 1]
P = Loan principal amount
r = Monthly interest rate (Annual interest rate divided by 12, expressed as a decimal)
n = Loan tenure in months
Feel free to use our Equipment Finance Calculator
Sorry
This video does not exist.
| Period | Payment | Interest | Balance |
|---|
Calculate Your Car Loan EMI
The following formula is used to calculate tha car Loan EMI:
- It enables you to plan your repayment strategy beforehand by supplying you with accurate information.
The formula to calculate EMI for a Car Loan is:
EMI = [P * r * (1 + r)^n] / [(1 + r)^n – 1]
P = Loan principal amount
r = Monthly interest rate (Annual interest rate divided by 12, expressed as a decimal)
n = Loan tenure in months
Documents required for Car Loan
- Passport
- PAN Card
- Voter’s ID
- Aadhar Card
- Driving License
Income Proof :
- Salary slips (Last 3 months)
- Bank statements for the last 3 to 6 months (showing salary credit)
- IT Return
Ownership Proof :
- Registration Certificate of the Car
- Signature Verification Proof
Address Proof :
- Passport
- Utility Bill (telephone, electricity, water, gas) – less than 2 months old
- Aadhaar Card
- Driving License
- Ration Card
A car loan is a type of loan used to purchase a vehicle. The loan amount is typically repaid in monthly installments over a fixed term, along with interest.
You get the loan, buy the car, and then pay back the loan with interest over time.
Used car loans are for pre-owned cars, while new car loans are for brand-new cars.
- When you take out a car loan, the lender provides you with the funds needed to purchase the vehicle. You then repay the loan amount, plus interest, in monthly installments over a set period.
When you take out a car loan, the lender provides you with the funds needed to purchase the vehicle. You then repay the loan amount, plus interest, over a specified period, usually ranging from two to seven years.
A down payment is an upfront payment made towards the purchase price of the vehicle. A larger down payment can lower the loan amount, monthly payments, and overall interest costs.
A fixed-rate car loan has an interest rate that remains the same for the duration of the loan, providing predictable monthly payments. A variable-rate car loan has an interest rate that can fluctuate based on market conditions, potentially affecting monthly payments.
Yes, you can refinance your car loan to potentially lower your interest rate, monthly payments, or loan term.